Preheat your oven to 375°F (190°C). Line a baking sheet with aluminum foil for easy cleanup and a little extra crisping on the bottoms.
Prepare the olives: Drain the green olives very well, then spread them on a clean kitchen towel or paper towels. Pat them dry thoroughly.
Make the cheese coating: In a medium bowl, mix the shredded cheddar and grated Parmesan together with your hands or a spoon until evenly combined.
Form the cheese bombs: Scoop up about 1 tablespoon of the cheese mixture and press it into a flat little disk in your palm. Place one olive in the center, then gently press and mold the cheese around it, sealing it completely.
Arrange on the tray: Place each cheese-wrapped olive on the foil-lined baking sheet, leaving a little space between them.
Bake until golden and melty: Slide the tray into the preheated oven and bake for 12–16 minutes, or until the cheese bombs are bubbling and lightly golden brown.
Cool briefly and serve: Remove the tray from the oven and let the cheese olive bombs sit for 3–5 minutes to firm up slightly; serve warm.
